The New York Times published a report which revealed the plans of Facebook to launch its cryptocurrency, The Facebook Coin to process its in-app payments across its multiple apps. The Facebook Coin will be a stablecoin backed by three fiat currencies.
The Facebook Coin:
Facebook is ready to launch its cryptocurrency by the 1st half of 2019 as reported by the New York Times. The Facebook Coin was in the news last year as well but it was still in rumors. Now that the NY Times has officially published about the same, rumors have turned into a reality. According to the article published by the NY Times, Facebook is in words with several cryptocurrency exchanges for listing the Facebook Coin.
Facebook will integrate the Facebook Coin for crypto payments in the messaging services which include Facebook Messenger, Whatsapp Messenger, and Instagram. This is mass adoption of cryptocurrency as the three platforms combined have over 2.7 billion users.
The news first came into existance in December last year when rumors were all around the crypto space that Facebook is planning to launch its own digital asset. Later it was revealed that the Facebook Coin will be launched for Whatsapp Messenger only. But now, as the report states, The Facebook Coin will be used across all the three Facebook-owned applications; Facebook Messenger, WhatsApp Messenger, and Instagram which turns it into a great piece of news.
According to internal sources, the Facebook Coin will be a stablecoin pegged by three fiat currencies. Earlier, Bloomberg had reported that Facebook was looking to launch its stablecoin especially for India where Whatsapp Messenger has a massive user-base. Almost all Indians use Whatsapp Messenger to converse in daily life.
Facebook following Others?
Last year, Telegram Messenger had also announced similar plans to launch its own cryptocurrency. Telegram had raised more than $1.7 billion for the Telegram Open Network. According to Parel Durov, the founder of Telegram Messenger, the company plans to launch the TON or Telegram Open Network which will have ‘GRAM’ as the native cryptocurrency.
The TON Network is scheduled to launch in the current month i.e. March 2019 which would have a market capitalization of more than $30 billion as being predicted by analysts.
Also, Japenese Giant Messaging App: Line as well as South Korean Giant: Kakao had also reveled their plans of launching their own cryptocurrencies last year.
Facebook working on Blockchain Technology:
Facebook has been continuously working on the blockchain technology use cases although the company has not revealed its plans of how it aims to implement blockchain into its platforms. Last month, Facebook had also aquired Chainspace, a blockchain startup.
Earlier, in an interview with the Hardward Law Professor, Mark Zuckerberg had also revelead that he plans to integrate blockchain technology into Facebook Login. After facing a dataq security breach last year, Zuckerberg is now betting on blockchain technology by bringing data secuirty aspects too on the blockchain apart from the Facebook Login.